India's Exports Decline By 12.2 Per Cent To $34.48 Billion In December

Imports in December 2022 also declined to $58.24 billion as against $60.33 billion in the same month last year

The trade deficit dipped further to $23.76 billion in December, after declining to a seven-month low of $23.89 billion in November.

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India's exports in December 2022 declined by 12.2 per cent to $34.48 billion as against $39.27 billion in the same month last year, according to the data released by the commerce ministry on Monday.

Imports in December 2022 also declined to $58.24 billion as against $60.33 billion in the same month last year. During April-December this fiscal the country's overall exports rose by 9 per cent to $332.76 billion. Imports during the period increased by 24.96 per cent to $551.7 billion.

The trade deficit dipped further to $23.76 billion in December, after declining to a seven-month low of $23.89 billion in November.

During April-December this fiscal, the country's overall exports rose by 9 per cent to $332.76 billion. Imports during the period increased by 24.96 per cent to $551.7 billion.

Commerce Secretary Sunil Barthwal said that despite global headwinds, India's exports have held its head high. 

Weakening global demand amid a synchronised rise in interest rates to ward off multi-decade high inflation has led to economists predicting a gloomy 2023 for India, with the poor external environment expected to weigh on India's growth.

According to the statement by the commerce ministry, the resilient growth of the Indian economy during the first half of the current financial year, the fastest among major economies, bespeaks strengthening macroeconomic stability. However, global growth forecasts indicate downturn in global economic activity and trade.

As per Global Composite PMI report (January 2023), new export orders have been contracting for the tenth successive month in December. The report also indicated that India and Ireland were the only nations to register growth of economic activity in December 2022.

In spite of the high base, highest ever record of exports last year, India’s overall exports (merchandise and services combined) in April-December 2022 is estimated to exhibit a positive growth of 16.11 per cent over the same period last year (April-December 2021). December last year has been the second highest monthly export (merchandise and services) during 2021-22. As such, due to high base effect, the overall export (merchandise and services combined) of $61.82 billion in December 2022 exhibited a negative growth of (-) 5.26 per cent over the same period last year (December 2021), the ministry said.